Mastercard Launches a New Partnership with Bybit
- Bybit recently announced plans to halt USD bank transfers.
- Users will receive a physical credit card in April that supports withdrawals.
- Mastercard and Visa have struck multiple partnerships with crypto companies, including Binance.
International payment processor Mastercard has struck a new partnership with Bybit that would see the crypto exchange launch a debit card powered by Mastercard. As per the announcement, the new Bybit card will support payments and withdrawals from existing crypto holdings.
The Bybit card, which will be issued by Moorwand, will leverage the Mastercard network to enable fiat-based transactions by debiting cryptocurrency holdings when used to pay for items or services. Additionally, the partnership includes the rollout of a free virtual card for online transactions and physical debit cards, which will be released publicly in April 2023.
Clients will be mailed their physical plastic cards, which will enable them access to ATM withdrawals and purchases at merchant outlets globally. Also, spending limits will be calculated using all of the user’s currencies that are stored in their Bybit account.
The card will be available to users in the UK and eligible European nations who have completed the required KYC and AML procedures. At first, the Bybit Card will support a number of well-known cryptocurrencies, including BTC, ETH, USDT, USDC, and XRP. Payment requests will instantly convert any balances in these digital assets into either EUR or GBP, depending on where the user resides.
Reacting to the partnership, Ben Zhou, co-founder, and CEO of Bybit, said,
Bybit users will be able to access and manage their funds faster, more securely, and more conveniently. By launching Bybit Card, we are creating a full 360-degree journey for our users, offering next level reliability, products, and opportunities. We are confident that these innovative payment solutions will improve people’s lives and are a step towards a brighter future for crypto and finance.
The partnership with Mastercard comes days after Bybit announced plans to halt USD bank transfers. Bybit users are asked to complete any pending USD wire withdrawals by March 10, while they can still make USD deposits using their Advcash Wallet and credit cards.
On the other hand, reports recently emerged that both Mastercard and Visa were considering halting some crypto-focused partnerships due to the recent happenings in the industry. However, both companies see crypto as part of their plans and have struck multiple partnerships with crypto firms such as Binance.